Gulf bourses continue to rise

All Gulf markets rose yesterday except for Kuwait which fell by 0.25% as a result of profit gaining on banks, investments and services.

UAE: New credit line of Dhs70bn

New decisions issued by the UAE government pushed UAE markets to rise sharply for the second day including Dubai by 10.7% and Abu Dhabi by 7.5% with markets regaining a total of Dhs87.8bn in two days.

The UAE government has already transferred Dhs70bn to the Finance Ministry which in return will make this amount available to banks which suffer from a lack of liquidity.

The total amount already approved by the government has risen to Dhs120bn.

Doha stock market, the second biggest winner yesterday rose by 9.8% after Qatar Investment Authority used QR22bn to buy 20% of banks shares.

Muscat came third, up 8.3%, while Tadawul rose by 7.3% and Bahrain by 1.7%.

Dubai: 23 shares rise by 15%

Dubai Financial Market opened strongly after the index managed to rise above 3.700 points, up by more than 10% with support from all shares including 23 shares by maximum limit of 15%.

The trading value of DFM jumped to Dhs2.2bn.

The rising shares included Arabtec, Dubai Investments, DFM, DIB, Air Arabia, Ajman Bank, Tabreed, Amlak, Tamweel, Shuaa Capital, Aman and Gulf Shipping.

Selling orders have already disappeared on all shares amid high demand from traders.
Emaar reached Dhs6.78, Arabtec Dhs9.16, DIB Dhs5.94, Dubai Investments Dhs2.59 and Air Arabia Dhs1.43.

Abu Dhabi: Banks and real estate shares up by 10%

The same feeling of optimism prevailed in Abu Dhabi with some shares up by 10%. All 47 traded shares rose except three, including Al Dhfra which fell by 10% to Dhs6.30.

Real estate shares rose for the second day including Aldar to Dhs6.80 and Sorouh to Dhs5.75, while most leading shares in the banking sectors rose by 10% including NBAD to Dhs11.20, Union National bank to Dhs4.06, ADIB to Dhs4.86, ADCB to Dhs3.19 while Etisalat rose to Dhs14.75.

Saudi Arabia: 78 shares up by 10%

Saudi market index approached the 7.000 benchmark registering sharp rises with support from all sectors while trading value jumped for the first time above SR10bn to SR10.4bn in a clear indication of the return of liquidity to the market.

A total of 78 listed shares rose by the maximum limit of 10% from all sectors with only two falling shares including Yanbu Cement and Malath which fell by 4.1% and 2.6% respectively.

Sabic rose by 6% to SR103 trading SR1.6bn, while the company announced setting up a new firm in Holland under the name Sabic Holland which will look after the financing and tax issues for Sabic in Europe and USA.

Leading shares including Samba rose by 9% to SR76, Al Rajhi by 7.6% to SR81.25, while most petrochemical shares rose by 10% including Kayan at SR14.85.
Mobily and Zain too rose by 10%, while STC rose slightly by 0.50% to reach SR63.50.

Doha: Selling orders disappear on 39 shares

Doha stock market index is back above 8.000 points after the government announced it would buy 20% of bank shares.

All 42 traded shares rose, including 39 to the maximum limit.
Industries Qatar rose by 10% to QR124.10 after the company announced a strong Q3 profit to reach QR7.2bn compared to QR3.4bn last year.

Meanwhile all banks shares jumped by maximum limit including QNB to QR168.70, Doha Bank to QR50.70, while Qtel rose also by maximum limit to QR135.70.

Muscat: Only two shares fall

Muscat stock index enhanced its position above 7.000 points with support from all shares which rose except only two, Salalah Mills and Muscat Holding.

All banks registered a rise by the maximum limit including Muscat bank by 9.5% to reach OR1.100, Ahli Bank 10% to OR0.363, and Omantel by 7.75% to OR1.949.

Bahrain: Al Salam Bank profits push index up

Al Salam Bank rose by 10% to BD0.187 after the bank announced 30% rise in its Q3 profit, which reached BD22.7m compared to BD17.4m last year.

Other leading shares including Bahrain National Bank which rose by 7.1% to BD0.750, Ahli United Bank share also rose to $0.9 after the bank announced $280.1m profit compared to $225.9m last year.

Kuwait stock exchange down for second day

Kuwait stock exchange fell for the second consecutive day after profit gaining operations which focused mainly on banks, investments and insurance.
The index has also given up the 12.000 benchmark to fall to 11.795 points.

Most shares from the banking sectors witnessed extensive selling after record rises last week.

NBK fell by 3.3% to KD1.740 after the bank announced a decline in Q3 profits by 10%, while Commercial bank fell by 1.5% to KD1.280 despite a 10% rise in profits.

Meanwhile KFH continued its upward trend up 1.8% to KD2.240 after posting 5% rise in Q3 profit, while Global rose by 8% to KD0.670 and Agility 1.1%, while Zain fell by 4.7% to KD1.200.